Afren completes new $450 million reserves-based lending facility

By Sara Rosenberg

New York, March 25 - Afren plc closed on a new $450 million five-year reserves-based lending facility, according to a news release.

BNP Paribas, Crédit Agricole Corporate and Investment Bank and Natixis acted as the lead arrangers on the deal that was completed on March 24.

Pricing on the facility can range from Libor plus 400 basis points to 550 bps.

Security is the company's Ebok field reserves.

Proceeds will be used to help fund the development of any subsequent phases of the Ebok field, the Okwok field, OML 115, or other development projects located in Oil Mining Lease 67, offshore Nigeria.

Afren is a London-based African focused independent oil and gas exploration and production company.

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